In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63%. File.
| Photo Credit: ANI

Market benchmarks Sensex and Nifty halted their three-day record-hitting rally to close with losses on June 28 as investors booked profit in banking, finance and tech stocks despite a positive trend in global equities.

Snapping a four-session winning run, equity indices succumbed to selling pressure after mid-session when profit-taking emerged on few counters.

After hitting fresh all-time high level in early trade, the 30-share index declined 210.45 points or 0.27% to settle at 79,032.73. During the day, it jumped 428.4 points or 0.54% to hit a fresh record peak of 79,671.58.

The Nifty went lower by 33.90 points or 0.14% to 24,010.60. During the day, it climbed 129.5 points or 0.53% to hit a new lifetime high of 24,174.

The Sensex breached the historic 79,000 mark on Thursday and the Nifty hit the 24,000 level for the first time in intra-day trade.

In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63%.

Among the 30 Sensex companies, IndusInd Bank, Axis Bank, ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, Maruti, JSW Steel and Bajaj Finserv were among the laggards.

In contrast, Reliance Industries, Tata Motors, Asian Paints, Nestle and Titan were the biggest gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.

European markets were trading mostly higher. U.S. markets ended in positive territory on Thursday.

Foreign Institutional Investors (FIIs) bought equities worth ₹7,658.77 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.89% to $87.16 a barrel.

The BSE benchmark jumped 568.93 points or 0.72% to settle at a new closing peak of 79,243.18 on Thursday.

The Nifty ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74%.

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| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty closed lower on May 28 in highly volatile trade, extending their losing run to the third day in a row as investors opted for profit-taking amid uncertainty ahead of the results of Lok Sabha polls.

After gyrating between gains and losses during the day, the 30-share BSE Sensex finally ended 220.05 points or 0.29% lower at 75,170.45. During the day, it hit a high of 75,585.40 and a low of 75,083.22.

The NSE Nifty dropped 44.30 points or 0.19% to settle at 22,888.15 despite beginning the day on a positive note.

From the Sensex firms, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards.

Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.

“The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome,” Vinod Nair, Head of Research, Geojit Financial Services said.

Sensex and Nifty hit lifetime high levels on Monday following gains in select auto, banking and IT shares. However, investors booked profits towards the end of the trade dragging the indices into the negative.

Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note.

US markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.13% to $83.21 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹541.22 crore on Monday, according to exchange data.

India’s core monsoon zone covering most of the rain-fed agriculture areas in the country is likely to receive above-normal rainfall this season, the IMD said on Monday.

The BSE benchmark ended lower by 19.89 points or 0.03% at 75,390.50 on Monday. Intra-day, the barometer climbed 599.29 points or 0.79% to an all-time peak of 76,009.68.

The Nifty declined by 24.65 points or 0.11% to end at 22,932.45. The 50-issue barometer climbed 153.7 points or 0.66% to hit a new lifetime high of 23,110.80 during the day.

Stocks of Indian firms that earn a large chunk of their revenues from the nation’s hinterland are showing signs of a revival, as traders bet that bountiful monsoon rains will lead to better crop yields and boost rural demand.

Motorcycle manufacturers, farm-equipment makers and producers of fast-moving consumer goods have rallied following forecasts of timely and above-normal monsoon rains in 2024, after extreme and unseasonal heat wreaked havoc on Indian agriculture in the last two years. Sales volumes in rural areas are improving and several major consumer goods firms have predicted stronger business ahead.

The Nifty FMCG Index has risen 1.5% so far in May, beating the benchmark NSE Nifty 50 Index by more than two percentage points. It underperformed in each of the previous six months.

“The market is expecting a bounce back in rural demand from a good monsoon,” said Sahil Kapoor, a strategist at DSP Mutual Fund in Mumbai. If predictions of an above-average monsoon this year pan out, it will help agricultural output and support rural income, he said.

A recovery in rural stocks is also welcome news for India’s broader stock market whose stellar rally in recent years was disproportionately spurred by investment-heavy firms benefiting from the government’s higher infrastructure spending. Further, bountiful showers can aid the central bank’s efforts to cool inflation by curbing gains in food prices, thereby improving prospects for India’s economic growth and corporate earnings.

Hindustan Unilever Ltd. – seen as a bellwether for consumer appetite in India as its products are sold in every part of the country – has said it sees demand gradually improving. Rival Dabur India Ltd. has echoed the same sentiment, while motorcycle maker Hero MotoCorp Ltd. has said it sees most of its new vehicle inquiries now coming from rural areas.

“We think rural economy is starting to come back,” said Rajeev Agrawal, a fund manager at New-York based DoorDarshi India Fund. “This is reflected in strong two-wheeler sales.”

Sales of motorcycles and scooters in India rose 33% on year last month, according to data from the Federation of Automobile Dealers Associations. More broadly, fast-moving consumer goods companies registered sales growth of 7.6% year-on-year in rural areas in the quarter ended March, according to Emkay Global Financial Services Ltd.’s research that cites data from Nielsen. That’s the first time the measure outpaced urban growth in three years.

To be sure, there are question marks about the momentum and breadth of the rural sector’s demand recovery, given a low base for earnings comparison and the fact that some firms have seen volumes benefiting due to price cuts.

“This is still a hope trade,” said DSP Mutual Fund’s Kapoor. “There hasn’t been a meaningful recovery in earnings or sales volumes so far.”

To analysts at Morgan Stanley, cyclical businesses are still leading India’s growth and that should result in defensive sectors lagging. “We are still mid-way through this cycle for staples and expect them to continue to underperform and de-rate,” they wrote in a May 9 note.

Still, investors’ appetite for stocks tied to the rural sector has strengthened amid growing signs that India’s investment-propelled growth may be losing steam.

Shares of Mahindra & Mahindra Ltd., which makes farm equipment such as tractors, are up about 17% this month, the top performers on a gauge of 16 Indian automakers. The stock surged 6% on Friday to a record after better-than-expected fourth-quarter earnings, with some analysts citing likely improvement in tractor sales ahead driven by expectation of normal monsoons.

Hero MotoCorp’s shares are up 12% so far this month.

The sharp drop in machinery imports in the January-March quarter was one of the early indications of capital expenditure weakness, Prateek Parekh and Priyanka Shah, analysts at Nuvama Institutional Equities, wrote in a note. Valuations of both consumer goods and capex-heavy firms have converged, and that is also one reason to pivot toward consumption themes, they added.

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| Photo Credit: PTI

Equity benchmark indices climbed in early trade on May 14 amid buying in Reliance Industries, State Bank of India and as retail inflation eased to an 11-month low of 4.83% in April.

The 30-share BSE Sensex climbed 225.92 points to 73,002.05 in early trade. The NSE Nifty went up by 78.65 points to 22,182.70.

From the Sensex basket, JSW Steel, Power Grid, NTPC, Mahindra & Mahindra, Reliance Industries and State Bank of India were the major gainers.

Nestle, Asian Paints, Axis Bank and ITC were among the laggards.

Retail inflation eased to an 11-month low of 4.83% in April as prices of some kitchen items declined though overall food basket firmed up marginally, according to government data released on Monday.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.

Wall Street ended on a mixed note on Monday.

Global oil benchmark Brent crude climbed 0.12% to $83.46 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,498.92 crore on Monday, according to exchange data.

Recovering from early lows, the BSE benchmark ended higher by 111.66 points or 0.15% at 72,776.13 on Monday. The NSE Nifty climbed 48.85 points or 0.22% to 22,104.05.

The BSE benchmark Sensex tanked 609.28 points or 0.82% to settle at 73,730.16 on Friday. File.
| Photo Credit: Reuters

Benchmark BSE Sensex rebounded sharply by 941 points while NSE Nifty closed above the 22,600 level on April 29 on the back of buying in banking and infra shares and a global stocks rally.

The 30-share BSE Sensex jumped 941.12 points or 1.28% to settle at 74,671.28. During the day, it zoomed 990.99 points or 1.34% to 74,721.15.

The NSE Nifty went up by 223.45 points or 1% to 22,643.40.

From the Sensex basket, ICICI Bank climbed nearly 5% after the company on Saturday said its March quarter consolidated net profit grew 18.5% to ₹11,672 crore, helped by lower provisions.

IndusInd Bank, UltraTech Cement, State Bank of India, Axis Bank, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finance and HDFC Bank were the other major gainers.

HCL Technologies tanked nearly 6% after the company reported a flat year-on-year growth in net profit in the March quarter at ₹3,986 crore.

ITC, Wipro and Bajaj Finserv were the other laggards.

In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory.

European markets were trading on a mixed note. Wall Street ended with gains on Friday.

“The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. Easing Middle East tensions, coupled with stable earnings, are expected to maintain positive market sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.51% to $89.04 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,408.88 crore on Friday, according to exchange data.

The BSE benchmark Sensex tanked 609.28 points or 0.82% to settle at 73,730.16 on Friday. The NSE Nifty declined 150.40 points or 0.67% to 22,419.95.

Commuters walk in front of the Bombay Stock Exchange building. File.
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty ticked higher for the fourth straight session on April 24, helped by buying in metal and commodity stocks amid a positive trend in global equities.

However, intense selling pressure on telecom, IT and tech counters capped the upside, traders said.

The 30-share BSE Sensex climbed 114.49 points or 0.16% to settle at 73,852.94. During the day, it jumped 383.16 points or 0.51% to 74,121.61.

The NSE Nifty advanced 34.40 points or 0.15% to 22,402.40.

The indices witnessed some selling pressure towards the fag-end of the session that erased some initial gains.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers.

Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended with gains on Tuesday.

Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,044.54 crore on Tuesday, according to exchange data.

The BSE benchmark ended 89.83 points or 0.12% higher at 73,738.45 on Tuesday. Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368.

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| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty closed higher for the third session in a row on April 23, following gains in telecom, tech and consumer durable shares amid a firm trend in the global markets.

After rallying over 400 points, the 30-share BSE Sensex ended 89.83 points or 0.12% higher at 73,738.45. During the session, it jumped 411.27 points or 0.55% to 74,059.89.

Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368. During the day, it climbed 111.15 points or 0.49% to 22,447.55.

Heavy selling pressure in index heavyweight Reliance Industries, mainly due to profit booking, dragged market indices lower. Reliance lost over one per cent to end at ₹2,918.50 per scrip.

From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers.

Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.

In Asian markets, Tokyo and Hong Kong settled in the positive territory while Seoul and Shanghai ended lower.

European markets were trading with gains. Wall Street ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.41% to $87.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,915.23 crore on Monday after a day’s breather, according to exchange data.

The BSE benchmark climbed 560.29 points or 0.77% to settle at 73,648.62 on Monday. The NSE Nifty went up by 189.40 points or 0.86 per cent% to 22,336.40.

Equity benchmark indices Sensex and Nifty faced heavy volatility on April 18 and ended lower, taking their losing streak to the fourth straight session, dragged by bank stocks and foreign fund outflows.

Concerns over fading rate cut hopes and persisting FII fund exodus from domestic equities also dampened investors’ sentiment.

The 30-share BSE Sensex declined abruptly post noon, reflecting heavy fluctuations, wiping out all its early gains. It tanked 454.69 points or 0.62% to settle at 72,488.99. During the day, it gyrated 1,107.38 points between the day’s high and low.

The benchmark quoted 73,135.5 at 13:31 hours but within two minutes it declined to 72,817.03 at 13.34 hours, reflecting a drop of 318.47 points.

The NSE Nifty declined 152.05 points or 0.69% to 21,995.85. It hit a high of 22,326.50 and a low of 21,961.70 during the day.

From the Sensex basket, Nestle declined the most by over 3% amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries.

Titan Company, Axis Bank, NTPC, Tata Motors, ITC, Tech Mahindra, Bajaj Finserv, ICICI Bank, HDFC Bank and Bajaj Finance were the other laggards.

Bharti Airtel, Power Grid, Infosys and Larsen & Toubro were among the gainers.

“Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of U.S. rate cuts waned. Meanwhile, investors will closely monitor the Q4 outcomes for further directions,” said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended lower on April 17.

Global oil benchmark Brent crude declined 0.63% to $86.74 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,468.09 crore on Tuesday, according to exchange data.

“Markets witnessed frenzied selling towards the closing stages in a highly volatile trading session, as concerns over fading rate cut hopes and persisting FII fund exodus from local stocks dampened investors’ sentiment.”

“Even as the Indian economy has been resilient and managed to dodge global worries, worries of stubborn inflation, rising instances of geopolitical tensions and delay in interest rate cut has fuelled profit-taking,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Stock markets were closed on April 17 for Ram Navami.

The 30-share BSE benchmark tanked 456.10 points or 0.62% to settle at 72,943.68 on Tuesday. The NSE Nifty declined 124.60 points or 0.56% to finish at 22,147.90.

 From the Sensex basket, Infosys, IndusInd Bank, Bajaj Finserv, Wipro, HCL Technologies, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, and Larsen & Toubro were the major laggards. File.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty continued to slump on April 16 dragged down by heavy selling in IT stocks amid weak global trends and fears of escalating tensions in the Middle East.

Outflow of foreign fund also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 456.10 points or 0.62% to settle at 72,943.68. During the day, it slumped 714.75 points or 0.97% to 72,685.03.

The NSE Nifty declined 124.60 points or 0.56% to finish at 22,147.90.

From the Sensex basket, Infosys, IndusInd Bank, Bajaj Finserv, Wipro, HCL Technologies, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, and Larsen & Toubro were the major laggards.

Titan Company, Hindustan Unilever, HDFC Bank, Maruti, ITC, Power Grid and Reliance Industries were the gainers.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled lower.

European markets were quoting in the red. Wall Street ended in negative territory on Monday.

Israel’s military chief said on Monday that his country will respond to Iran’s weekend attack, but he did not elaborate on when and how as world leaders urged against retaliation, trying to avoid a spiral of violence in the Middle East.

Global oil benchmark Brent crude dipped 0.26% to $89.87 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,268 crore on Monday, according to exchange data.

The BSE benchmark tanked 845.12 points or 1.14% to settle at 73,399.78 on Monday. The NSE Nifty declined 246.90 points or 1.10% to finish at 22,272.50.

Stock markets took a beating on April 15 with benchmark Sensex and Nifty tumbling over 1% as escalating conflict in the Middle East and weak trends from global markets unnerved investors.

Falling for the second session in a row, the 30-share BSE Sensex tanked 845.12 points or 1.14% to settle at a more than two-week low of 73,399.78. During the day, it plunged 929.74 points or 1.25% to 73,315.16.

The NSE Nifty declined 246.90 points or 1.10% to settle at 22,272.50.

Key indices had plunged by over 1% in the previous session on Friday due to profit taking by investors at record high levels. Sensex lost 1,638 points or 2.19% while Nifty plunged 481 points or 2.13% to slip below the 22,300 level in two straight sessions.

Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.

Analysts said the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation proved to be major drags.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards.

Nestle, Maruti and Bharti Airtel were the gainers.

In the broader market, the BSE smallcap gauge declined 1.54% and midcap index dipped 1.50 per cent.

Among the indices, services droped by 2.12%, financial services by 1.81%, IT by 1.58%, bankex by 1.55% and utilities by 1.37%.

Energy and oil & gas were the gainers.

A total of 2,991 stocks declined while 913 advanced and 145 remained unchanged.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Wall Street ended significantly lower on Friday.

“Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note. The major casualties were the mid- and small-cap indices due to their rich valuation and expectation of moderation in earnings growth in Q4FY24.

“On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 1.04% to $89.51 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹8,027 crore on Friday, according to exchange data.

“The escalating geopolitical tensions in West Asia prompted a decline in the 30-share BSE Sensex and the NSE Nifty. Market indices traded lower, influenced by the heightened tensions between Iran and Israel, leading to losses across major sectors. Notably, the broader small and midcap segments also saw declines,” said Suman Bannerjee, CIO of hedge fund Hedonova.

Official data released on Monday showed that wholesale inflation rose marginally to 0.53% in March compared to 0.20% in the preceding month due to an increase in prices of vegetables, potato, onion and crude oil.

Rupee falls 6 paise to settle at 83.44 against U.S. dollar

The rupee declined 6 paise to settle at 83.44 (provisional) against the U.S. dollar, in line with deep losses in equity markets.

However, weakening crude oil prices in the international markets and positive domestic macroeconomic data restricted the rupee’s fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.46 and traded between 83.42 and 83.47 against the greenback. The local unit finally settled at 83.44 (provisional), registering a loss of 6 paise from its previous close.

On Friday, the rupee declined 7 paise to settle at 83.38 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 105.68.

Retail inflation declined to a five-month low of 4.85% in March, inching towards the Reserve Bank’s target of 4%, according to official data released on Friday.

India’s industrial production growth accelerated to a four-month high of 5.7% in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.

The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement (DTAA) is yet to be ratified and notified by the department.

India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are granted only for transactions with a bona fide purpose.